Global aftermarket automotive wheel hub bearing sales are set to total over US$ 1,114.2 million in 2023, as per Future Market Insights (FMI). The Automotive Wheel Hub Bearing Aftermarket is expected to expand at a value CAGR of 5.0% from 2023 to 2033, reaching a valuation of US$ 1,810.7 million by 2033.
The Automotive Wheel Hub Bearing Aftermarket involves the distribution, sale, and installation of wheel hub bearings as replacement parts for vehicles in the automotive aftermarket segment. Wheel hub bearings are crucial components of the vehicle’s suspension system, enabling smooth rotation of the wheels while supporting the vehicle’s weight. Here’s an overview of the Automotive Wheel Hub Bearing Aftermarket:
Market Segmentation:
By Vehicle Type: The automotive wheel hub bearing aftermarket serves various vehicle segments, including passenger cars, light trucks, SUVs, vans, and commercial vehicles, each with specific bearing sizes and applications.
By Distribution Channel: Wheel hub bearings are distributed through multiple channels, including automotive parts retailers, independent repair shops, online platforms, authorized dealerships, and wholesalers.
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Market Trends:
Quality and Durability: Increasing demand for high-quality, durable wheel hub bearings manufactured to OE (original equipment) specifications or exceeding OEM standards, ensuring reliable performance, longevity, and safety for vehicle owners.
Technological Advancements: Adoption of advanced materials, manufacturing processes, and bearing designs, including sealed units, integrated sensors, and lightweight materials, to improve performance, reduce friction, and enhance fuel efficiency.
Brand Recognition and Reputation: Preference for reputable brands, aftermarket suppliers, and trusted manufacturers known for quality, reliability, and warranty coverage, offering peace of mind and assurance to consumers.
DIY (Do-It-Yourself) Repairs: Growing interest in DIY automotive repairs and maintenance among vehicle owners, enthusiasts, and hobbyists, leading to increased sales of aftermarket wheel hub bearings and replacement parts through retail channels and online platforms.
Market Drivers:
Vehicle Aging and Maintenance: The aging vehicle population, increasing average vehicle age, and maintenance requirements drive demand for replacement parts, including wheel hub bearings, as vehicles accumulate mileage and undergo wear and tear.
Road Infrastructure and Driving Conditions: Poor road conditions, harsh driving environments, and adverse weather conditions accelerate wear and degradation of wheel hub bearings, necessitating replacement to maintain vehicle safety and performance.
Consumer Awareness and Education: Improved consumer awareness, education, and access to automotive information empower vehicle owners to recognize signs of wheel hub bearing failure, seek professional diagnostics, and make informed decisions regarding replacement.
Regulatory Compliance and Safety: Regulatory requirements, standards, and safety considerations mandate proper maintenance, inspection, and replacement of critical safety components such as wheel hub bearings to ensure vehicle roadworthiness and compliance with regulations.
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Key Players:
Major players in the automotive wheel hub bearing aftermarket include aftermarket suppliers, automotive parts manufacturers, bearing manufacturers, and distributors.
Leading companies in this sector include SKF Group, Schaeffler AG (FAG), NSK Ltd., NTN Corporation, Timken Company, JTEKT Corporation, Federal-Mogul Motorparts LLC (MOOG), and ILJIN Co., Ltd., among others.
Challenges:
Counterfeit Products: The presence of counterfeit and imitation wheel hub bearings in the aftermarket poses risks to consumer safety, vehicle performance, and brand reputation, highlighting the importance of sourcing genuine parts from authorized distributors and reputable suppliers.
Price Competition: Intense price competition, price pressures, and margin compression in the aftermarket segment challenge aftermarket suppliers and distributors to balance cost competitiveness with quality, reliability, and customer satisfaction.
Overall, the automotive wheel hub bearing aftermarket is driven by factors such as vehicle aging, maintenance needs, consumer awareness, and regulatory compliance. Continued investment in product innovation, quality assurance, distribution networks, and customer service will be essential for aftermarket suppliers to meet market demand, address challenges, and maintain a competitive edge in the automotive aftermarket industry.
Who is Winning?
The automotive wheel hub bearing aftermarket is moderately consolidated with few top companies holding around 40% to 45% of the market shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.
Few of the key players in this industry include Continental AG, Tenneco Inc., Schaeffler AG, Mahle GmbH, The Timken Company, NSK Ltd., JTEKT Corp, Rheinmetall AG, NTN Corporation, NRB bearings Ltd., Nachi-Fujikoshi Corp., and others.
Recent developments:
- In 2019, a next-generation durable bearing was introduced by JTEKT Corporation that is intended for use in harsh conditions.
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Key Segmentations:
By Vehicle Type:
- EV
- Passenger Car
- LCV
- HCV
- IC Engine
- Passenger Car
- LCV
- HCV
- Two Wheelers
- EV
- IC Engine
By Inner Diameter:
- 12 mm to 25 mm
- 26 mm to 50 mm
- 51 mm to 100 mm
- Above 100 mm
By Product Type:
- Ball Bearing
- Tapered Roller Bearing
- Cylindrical Roller Bearing
- Angular Contact Ball Bearings
- Needle Roller Bearings
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Independent Aftermarket
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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